DEVELOP(SH:688377) Xin Lang Cai Jing·2025-04-26 22:29Core Viewpoint - Nanjing Diweier High-end Manufacturing Co., Ltd. reported a significant decline in financial performance for 2024, with net profit down 39.90% and cash flow from operating activities down 47.89%, indicating challenges in the market environment and operational efficiency [1][2][3]. Revenue and Profitability - Revenue for 2024 was 1,123,895,642.59 yuan, a decrease of 7.12% from 2023's 1,210,066,911.38 yuan, primarily due to a decline in orders for deep-sea equipment components amid a weak global economic recovery [2]. - Net profit attributable to shareholders was 85,602,699.18 yuan, down 39.90% from 142,432,629.62 yuan in 2023, influenced by reduced revenue and declining profit margins on high-value products [3]. - Deducted non-recurring gains, the net profit was 82,649,807.79 yuan, a 39.70% decrease from 137,055,635.14 yuan in 2023, indicating weakened core business profitability [4]. Earnings Per Share - Basic earnings per share fell to 0.44 yuan, a decline of 40.54% from 0.74 yuan in 2023, reflecting reduced shareholder returns due to lower profitability [5]. - Deducted non-recurring gains, the earnings per share was 0.43 yuan, down 39.44% from 0.71 yuan in 2023, highlighting challenges in core business performance [6]. Expense Management - Management expenses increased by 9.67% to 52,955,247.64 yuan, driven by higher personnel costs and acquisition-related expenses, necessitating attention to cost control [7][9]. - Research and development expenses decreased by 9.83% to 38,920,796.42 yuan, which may impact future innovation capabilities [11][12]. Cash Flow Analysis - Cash flow from operating activities was 103,924,442.40 yuan, down 47.89% from 199,422,928.38 yuan in 2023, indicating operational pressure due to declining sales and increased inventory [14][15]. - Cash flow from investing activities showed a reduction in outflows, suggesting a strategic adjustment in investment pace [17]. - Cash flow from financing activities turned positive at 121,199,432.73 yuan, primarily due to increased bank borrowings for acquisitions, raising concerns about debt levels [18]. R&D and Human Resources - R&D personnel increased from 130 to 149, with a diverse educational background, which could enhance R&D capabilities despite reduced investment [13]. - The decrease in R&D spending may hinder technological innovation and product competitiveness in the long term [12].